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FG implements cooking gas imports tax, price jumps by 100%

FG implements cooking gas imports tax, the price jumps by 100%

A 7.5 per cent tax has been placed on imported Liquefied Petroleum Gas, also known as cooking gas.

According to several reports, Nigeria Liquefied gas company supplies at a low percentage compared to the 70 per cent imported to the country.

In reaction,  Michael Umudu- the chairman of Liquefied revealed that three agents are responsible for the increase in price.

In his words:

“There are three major factors to the hike in prices. Firstly, about 70 per cent of the gas we consume in Nigeria is imported and importers have to contend with the high cost of foreign exchange.

“Secondly, there is a rise in the price of petroleum products in the international market and because of that, the cost of LPG has equally gone up. So importers now pay more on imports. And thirdly, the government added VAT on imported LPG about three weeks ago. It (VAT) was 7.5 per cent of the cost of the commodity and this exacerbated the price hike of cooking gas in the past three weeks.”

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He also talked about the introduction of Value added tax(VAT) and how it has changed the price tag of the commodity. According to him:  “Around November/December last year, 12.5kg was sold at about N3,500, but in July it went up to around N5,500 and when VAT was introduced about three weeks ago, it now escalated to about N6,500 and above,” he stated.” Jamb results

He further explained: “The price hike seems to be happening on a daily basis and nobody can tell when it will stop. There has been a lot of appeal to the government to find a way of persuading NLNG to increase its domestic supply so that the product can be affordable.NLNG supplies about 35 per cent of the gas we consume locally and that percentage is not adequate. And the gas sold by NLNG is even sold at international price and is priced in dollar not naira.” “20MT is now in the average of about N8m. And before VAT was introduced, the price of 20MT was around N6.8m to N7m, which was the highest price then.”

On the consequence of this surge in price has led to Nigerians looking for option B. Dollar to Naira Today

He added: “20MT is now in the average of about N8m. And before VAT was introduced, the price of 20MT was around N6.8m to N7m, which was the highest price then.”

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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